News Formal

Italian company reaches agreement to buy collapsed Australian construction giant

  • 📰 9NewsAUS
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 72%

Sverige Nyheter Nyheter

Italian construction company Webuild has completed a deal to buy Australian building giant Clough, following its collapse last week. 9News

company Webuild has completed a deal to buy Australian building giant Clough, following its collapse last week.But this week, administrators reached an agreement with Webuild.The Italian company is now set to acquire vital projects such as the Snowy Hydro 2.0 and Inland Rail contracts, as well as assets under Clough's Australian business.Clough has been involved in numerous large-scale infrastructure projects around the country, including hydropower, energy, transport and mining.

It employs around 1250 Australian-based workers and the same number worldwide, according to its website. Webuild had been negotiating to acquire Clough Group before the company entered administration earlier this month.It recently finished work on Perth's Forrestfield-Airport rail link, and the company says the deal will enable it to boost its Australian workforce.

A number of construction firms have gone out of business this year, because of tough market conditions over the pandemic.any projects negotiated before the pandemic are now no longer viable.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 10. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Agreement struck for Italian company to buy WA building firm Clough's Australian businessItalian building company Webuild reaches an agreement to buy embattled WA construction firm Clough Group's Australian business. Hopefully better business management than the previous management team
Källa: abcnews - 🏆 5. / 83 Läs mer »

Contractor collapses expose industry ‘at breaking point’The collapse of local contractors Clough and Probuild is intensifying pressure on the construction industry.
Källa: FinancialReview - 🏆 2. / 90 Läs mer »